This publication was originally released in February 2021 as a Spotlight and has been updated in September 2021 to amend the Example for credit cards with insurance coverage in section 2.5. This has been further updated in November 2022, when it was converted to an In depth, to give more background in the introduction, to add the example on ‘Roadside assistance contracts’, to amend the sections ‘Financial guarantee and performance guarantee contracts’ and ‘3.4 Additional criteria to consider’, and to include the section ‘2.6 Separation of distinct goods and services from an insurance contract’.

Key points

The existing requirements for insurance contracts (IFRS 4) allow flexibility to follow the measurement principles of other standards. The replacement accounting standard for insurance contracts, IFRS 17, is more prescriptive. It is therefore critical to identify insurance contracts, to determine whether they are within the scope of IFRS 17 and, if so, to determine the accounting implications.
This publication considers examples of common contracts that might be within the scope of IFRS 17 or might be impacted by the introduction of IFRS 17.
What's inside
  1. Introduction
  2. Potential scope exclusions from IFRS 17
  3. The criteria for identifying insurance contracts
  4. Conclusion
  5. Where do I get more details?
See also our video that highlights the potential impacts of IFRS 17 for non-insurers.
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